Solved: Interest rate offered on a passbook savings account, Finance Basics

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Interest rate offered on a passbook savings account

Problem:

The interest rate offered on a passbook savings account is 3.78% APR compounded continuously. Another account compounds interest monthly. What should the interest rate of the second account be so that the interest earned over one year is the same as the interest earned for the first account?

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Finance Basics: Interest rate offered on a passbook savings account

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Finance Basics: Interest rate offered on a passbook savings account

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